Burbank homes for sale are not affordable for most homebuyers with median home prices ranging between $1,097,431 and $1,154,265 requiring household incomes of approximately $300,000 annually. Burbank affordability remains challenging despite median household incomes of $124,188.
California home buyers need annual household income of approximately $234,000 to qualify for mid-tier home mortgages as of March 2025. Burbank homes exceed these mid-tier requirements with median prices reaching $1,154,265 in March 2025.
Bottom-tier homes in California require approximately $142,000 in annual income for mortgage qualification. Burbank properties substantially exceed bottom-tier pricing throughout most neighborhoods.
Median household income in Burbank reaches $124,188 according to Point2Homes data. This income level falls significantly short of the $300,000 estimated requirement for Burbank home purchases.
Monthly housing payments for California mid-tier homes reached approximately $5,900 in March 2025, representing an 82% increase since January 2020.
Burbank properties command similar or higher monthly costs. Cost-burdened households spend more than 30% of income on housing according to HUD standards. California shows 31.3% of households are cost-burdened with Burbank likely exceeding state averages.
Burbank residents face housing costs averaging $2,524 per month according to Point2Homes demographics. These costs consume substantial portions of median household budgets.
California home prices exceed national averages by 2.5 times with typical California homes valued at $791,738 versus $416,900 nationally. Burbank prices substantially exceed California averages.
Burbank housing costs 255% higher than national averages and 34% higher than California statewide figures. Living expenses total 87% above national standards. Los Angeles County median home prices reach $870K while Burbank commands premiums of approximately 32% above county averages.
Rental costs in Burbank average $1,630 monthly according to recent data, exceeding the $1,023 national median. One-bedroom apartments rent for approximately $1,900 while two-bedroom units reach $2,500 monthly.
Three-bedroom rentals command between $3,900 and $4,500 monthly depending on location and amenities. Rental affordability remains challenging for median income households.
Rent-burdened households represent 51.8% of California renters spending 30% or more of income on housing. Burbank renters likely exceed state percentages.
Burbank residents aged 25-44 earn median wages of $130,504 while those 45-64 average $150,998 annually. Higher-income demographics demonstrate improved affordability prospects.
Residents under 25 earn $32,083 and those over 65 average $56,118, making homeownership extremely challenging for these groups. White-collar workers comprise 88.92% of Burbank’s workforce with 15.82% classified as entrepreneurs. Employment composition supports higher income potential.
Burbank home purchases require down payments ranging between $219,486 and $230,853 assuming 20% down payment standards. First-time buyers face substantial savings requirements. Monthly mortgage payments excluding taxes and insurance range between approximately $6,500 and $7,000 for median-priced homes.
Total housing costs including property taxes exceed $8,000 monthly. Property taxes and homeowners insurance add approximately $1,500-2,000 monthly to mortgage payments. Total monthly obligations often exceed $9,000.
Home prices increased 4.9% year-over-year through March 2025 while wage growth averaged 24% since January 2020. Housing appreciation significantly outpaces income growth. Interest rates exceeding 6.5% increase monthly payments substantially compared to recent historical lows.
Higher rates reduce purchasing power for prospective buyers. Inventory increases of 12.1% in March 2025 provide more options but fail to address fundamental affordability challenges.
Condominiums and townhouses offer entry-level pricing between $375,000 and $600,000, requiring approximately $100,000-150,000 annual household income. These represent affordable alternatives to single-family homes.
Multi-family properties and duplexes provide investment opportunities with rental income offsetting ownership costs. House hacking strategies improve affordability for qualified buyers. Smaller homes under 1,500 square feet command lower absolute prices while maintaining high per-square-foot valuations.
Northern Burbank neighborhoods near entertainment studios command premium pricing exceeding $1.5 million regularly. Southern areas offer relatively affordable options starting around $800,000.
Gated communities and luxury neighborhoods price most middle-income families out of consideration. Standard neighborhoods remain expensive by national standards. Proximity to major studios and entertainment industry employment drives sustained demand and premium valuations.
Entertainment industry employment provides higher salaries supporting homeownership for qualified professionals. Industry workers demonstrate improved affordability compared to general population.
Dual-income households with combined earnings exceeding $200,000 achieve marginal affordability for entry-level properties. Single-income families face significant challenges. Commission-based and variable income professionals require substantial reserves and strong credit for mortgage qualification.
Burbank homes for sale remain unaffordable for typical households earning median incomes. Successful homebuyers require household incomes ranging between $250,000 and $350,000 depending on property type and financing terms. First-time buyers face particular challenges while existing homeowners benefit from equity appreciation enabling moves within the local market.